As a homebuyer, what can you do to make your offer more appealing to a seller in a multiple offer situation? Our listing specialist has five tips.
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Today Adam Quamme, our listing specialist, joins us to discuss multiple offer situations. While multiple offers are great for sellers, these situations can be difficult for buyers. Adam has noticed five things homebuyers can do to make their offer more appealing to sellers:
1. Offer a short inspection period. Providing a short inspection period and getting right through negotiation gives sellers peace of mind that the offer will move forward sooner, rather than stalling 10 to 12 days for an inspection.
2. Look at the closing date. Before you write the offer, have your agent contact the listing agent and see what they prefer when it comes to the closing date. If you can meet their exact expectations, try to offer the best closing date possible. Even just taking the time to contact the listing agent goes a long way toward showing the seller that you are serious about buying the home.
3. Increase your earnest money deposit. The earnest money comes out of your down payment anyway, so why not offer up as much earnest money as possible?
4. Be careful about asking the seller to pay closing costs. While it’s common for buyers to ask sellers to help out with the closing costs, this is not a good idea in our current market. If you need help with closing costs, ask for a small amount. You can even raise the offer price to compensate for some of those closing costs, but you need to be careful. If the home is already appraised at the top of the market, raising your offer won’t help.
5. Have your lender call the seller. Adam recently had a lender call him about a buyer. The lender shared details about the client and let Adam know that the buyer was qualified to purchase the home. If you hire the right lender who will take this extra step, that shows that you are really committed to the home purchase.
These five tactics will definitely show that you are committed to purchasing the home. If you have any other questions about navigating this competitive market, just give me a call or send me an email. I would be happy to help you.